Caterpillar reported Q2 2024 sales and revenues of $16.69 billion, down 4% from $17.32 billion in Q2 2023, with profit declining 8% to $2.68 billion. The decrease was primarily driven by lower sales volume due to dealer inventory reductions, partially offset by favorable price realization. Operating profit margin held relatively steady at 20.9% compared to 21.1% last year.Energy & Transportation segment showed strength with sales up 2% to $7.34 billion and profit increasing 20% to $1.53 billion, driven by growth in Power Generation and Oil & Gas applications. However, Construction Industries sales fell 7% to $6.68 billion and Resource Industries declined 10% to $3.21 billion due to lower equipment demand and dealer inventory reductions.The company maintained a strong financial position with $4.3 billion in enterprise cash. During Q2, Caterpillar returned significant value to shareholders through $1.33 billion in dividends and $1.57 billion in share repurchases. The Board approved an 8% increase in quarterly dividend to $1.41 per share and a new $20 billion share repurchase authorization, demonstrating confidence in long-term prospects despite near-term volume challenges.

Caterpillar reported Q2 2024 sales and revenues of $16.69 billion, down 4% from $17.32 billion in Q2 2023, with profit declining 8% to $2.68 billion. The decrease was primarily driven by lower sales volume due to dealer inventory reductions, partially offset by favorable price realization. Operating profit margin held relatively steady at 20.9% compared to 21.1% last year.Energy & Transportation segment showed strength with sales up 2% to $7.34 billion and profit increasing 20% to $1.53 billion, driven by growth in Power Generation and Oil & Gas applications. However, Construction Industries sales fell 7% to $6.68 billion and Resource Industries declined 10% to $3.21 billion due to lower equipment demand and dealer inventory reductions.The company maintained a strong financial position with $4.3 billion in enterprise cash. During Q2, Caterpillar returned significant value to shareholders through $1.33 billion in dividends and $1.57 billion in share repurchases. The Board approved an 8% increase in quarterly dividend to $1.41 per share and a new $20 billion share repurchase authorization, demonstrating confidence in long-term prospects despite near-term volume challenges.